Nyuni-1 Well Report

Aminex PLC
11 May 2004

                                  Aminex PLC

                             Nyuni-1 Well Report

Aminex PLC announces that drilling operations on the Nyuni-1 well offshore
Tanzania have been completed, oil shows established and the well suspended while
further study is carried out on the feasibility of a full testing programme.

Both the target Lower Cretaceous ("Neocomian") formation and the Upper Jurassic
formation have revealed consistent shows of both gas and oil.  The MDT tool
(Modular Formation Dynamics Tester), employed to provide limited down-hole well
test information, has to date produced inconclusive results and been subject to
recurring mechanical failures.  The MDT programme was designed to take pressure
data and fluid samples to a depth of 3,886 metres but failure of the tool has
meant that no fluid samples have been obtained below 3,406 metres.  Given the
uncertainty of being able to carry out satisfactory mechanical repairs in the
near future, this tool has now been stood down and the well suspended with a
wellhead in place, leaving a major portion of the down-hole testing programme
incomplete.

The establishment of liquid crude oil from an Upper Jurassic source rock in this
region is a considerable achievement and a landmark for its oil potential.
Coupled with geochemical and other analyses of regional surface oil shows along
the coastal margin of southern Tanzania, which precisely match oil shows
analysed from Nyuni-1, the well provides the first indication to date of a new
oil province in the region, previously regarded as purely gas-prone.

While the geology of Nyuni-1 has proved complex, this well gives the Company
confidence to pursue an expanded exploration programme in the area.  Aminex will
now reassess the East Songo Songo/Nyuni permit area in the light of the
valuable information Nyuni-1 has provided in understanding the hydrocarbon
prospectivity of this promising frontier exploration area.  Application is being
made to the Tanzanian authorities for a revised work programme over the area.
In support of the future drilling programme, it is likely that further
exploration activity will include the reprocessing of existing seismic and the
acquisition of new seismic within the licence area.

Commenting on the result of the well, Aminex Chief Executive Brian Hall said:

"Nyuni-1 has been an exciting  project, as well as being the first exploration
well in this remote area for many years, raising many technical and operational
challenges. It is disappointing that we have been unable to obtain definitive
results at this stage but the well has confirmed the prospectivity of the region
and substantially upgraded the potential of the East Songo Songo/Nyuni permit.
We are enthusiastic about the area and looking forward to the next phase in the
programme."


                                                                     11 May 2004



Co-venturers in the well are:

      Aminex PLC                       60%
      Petrom SA                        30%
       Bounty Oil & Gas NL             10%



Further information:

Brian Hall                             Chief Executive, Aminex    [phone]
                                       PLC

Didier Murcia                          Managing Director, Tanzoil [phone]
                                       NL

James Henderson                       College Hill Associates     [phone]



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